Why are some traders successful?

Good analytical ability is needed for better market prediction. Oil your efficiency through practicing on demo account.

It's possible if you are doing only trading.
Most people are trading during their work... you have to be full available for markets and graphics

Trades are successful for multiple reasons, but I think the most important one is to leave emotions aside and do rational analysis of everything you test

It is the weapon of trading. Alongside so, try to trade with micro accounts with low leverage and spread on pairs. So, trade in forex based on the risk management policy because it keeps a trader safe and secure.

Traders don’t expect to lose from the market but they need to due to the lack of proper trading knowledge.

Marcolis posted:
Traders don’t expect to lose from the market but they need to due to the lack of proper trading knowledge.

To become successful in trading, it requires a lot of smart work and a deep understanding of the forex market. Some traders lose because they have a greedy mindset, which leads to wrong moves in the market.

That’s because not everyone can stay consistent and work hard. They are either too greedy or fear too much. Successful traders have discipline and knowledge. They always trade with the right approach and believe in treating forex like a business.

Those traders are successful in forex who understand the meaning of 'Success' in forex trading. Successful traders have a clear understanding about forex markets and they have realistic profit targets or goals in long run along with a well tested trading strategy for last 5 to 10 years.

Those traders who have unrealistic goals, they might chase behind success for their life time without success where as successful traders can't loose even if they try to loose money in forex since they are well trained to be successful based on their past trading experience. That can be the scale to measure a successful trader.

Basic principles and understanding about forex market and expectations:
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
1.Forex trading is not a full time or part time job and so a trader can't expect a fixed salary or fixed income every month. Forex is a risky business and hence, you may or may not get profit every month irrespective of whatever kind of trading strategy you use scalping, day trading, swing trading etc. The trader always need to consider a trading period of 6 to 12 months to consider his trading performance of his strategy in LIVE trading.

2.There are no holy grail trading systems or plug and play systems which a trader can get and become successful for ever. Trading involves continuous learning while keeping his basic understanding about forex market and his strategy intact.

leo23 posted:
Those traders are successful in forex who understand the meaning of 'Success' in forex trading. Successful traders have a clear understanding about forex markets and they have realistic profit targets or goals in long run along with a well tested trading strategy for last 5 to 10 years.

Those traders who have unrealistic goals, they might chase behind success for their life time without success where as successful traders can't loose even if they try to loose money in forex since they are well trained to be successful based on their past trading experience. That can be the scale to measure a successful trader.

Basic principles and understanding about forex market and expectations:
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
1.Forex trading is not a full time or part time job and so a trader can't expect a fixed salary or fixed income every month. Forex is a risky business and hence, you may or may not get profit every month irrespective of whatever kind of trading strategy you use scalping, day trading, swing trading etc. The trader always need to consider a trading period of 6 to 12 months to consider his trading performance of his strategy in LIVE trading.

2.There are no holy grail trading systems or plug and play systems which a trader can get and become successful for ever. Trading involves continuous learning while keeping his basic understanding about forex market and his strategy intact.

Good Stuff! Informative

Josse078 posted:
To become a successful trader, you must put in a lot of effort to learn the trading skills. Many traders have some natural traits to get started, while others have to work for them.

But, on the other hand consistency, practice, determination, and knowledge also matter.

For me the revolution took place a year ago. When I understood why the price moves. This way of thinking the price, eliminates many possibilities of the next move and it increases the probability of being in the direction of a future big move. Obviously, these are only probabilities. The losing trade remains omnipresent.

I think all traders want to become successful traders, however not all traders can do it and sometimes get failure too, if you get mentor and guide to success, it is possible to make shorter time to success, but learn standalone usually will time consuming

Traders need to feel independent and stop depending on others. Because they believe it to be the most profitable, most traders go that route. You shouldn't care about other people's perspectives if you've found a trading strategy that works for you. You act in a way that suits you.

Increasing capability through demo trading is highly essential for traders before jumping onto live trading.

Toparch posted:
Here are some things successful traders follow and failures did not.
1) Make a trading strategy.
2) Take frequent pauses.
3) Do not quit your day job.
4) Recognize that you will lose.
5) Put in as much practice time as you can in a demo. Constant practice is required.
6) Place a stop loss at least 30 to 20 pips below the entry point.
 8) Place a take profit at least 60 to 40 pips above the entrance point.
7) Test Your Trading Strategy in the Past

Some of these are good, it shows that a plan and structure is needed. Once the person does it they are more than half way there

A trader must constantly practice a combination of knowledge and discipline as it will eventually generate positive trading results. Being an optimist while keeping expectations realistic is a hallmark of a successful trader.

practice makes perfect. most traders have at least basic knowledge, and the basic knowledge is more than enough to earn a living. the problem is greed, emotion, and money management.

Marcolis posted:
Increasing capability through demo trading is highly essential for traders before jumping onto live trading.

A demo account can be maximized to practice seriously, although only use virtual money but remain useful to measure trading skills before live trading, however trading in a demo can't give all trading environment like in a real account, sometimes I use demo ECN FXOpen to practice when no trading capital.

Some traders are successful due to their skills and ability to trade.